Tesla’s (NASDAQ:TSLA) Q4 and FY 2024 earnings call comes on the heels of the company’s Q4 and FY 2024 Update Letter, which was released after the closing bell on January 29, 2025.
Tesla’s Q4 2024 results:
- Earnings Per Share (GAAP): $0.66 per share
- Earnings Per Share (Non-GAAP): $0.73 per share
- Operating Income: $7.1 billion GAAP; $7.1 billion GAAP net income in 2024; $2.3 billion in Q4 including $0.6 billion mark-to-market gain on digital assets.
- Total Revenues: $25.7 billion
- Total Automotive Revenues: $19.80 billion
Q4 & FY 2024 Earnings Call at 4:30pm CT today https://t.co/uFCg69a6tN— Tesla (@Tesla) January 29, 2025
The following are live updates from Tesla’s Q4 and FY 2024 earnings call. I will be updating this article in real-time, so please keep refreshing the page to view the latest updates on this story. The first entry starts at the bottom of the page.
17:41 CT – And that closes Tesla’s Q4 and FY 2024 earnings call! Thanks so much for joining us, and see you next quarter!
17:40 CT – Dan Levy of Barclays asks about Trump’s anti-EV mandate and Elon Musk’s view on it. The CEO noted that at this point, sustainable transport is inevitable. “At this point I think sustainable transport is inevitable. You can’t stop the advent of electric cars. It’s gonna happen. The only thing holding back electric cars is range, and that is a solved problem,” Musk said.
17:37 CT – Pierre Ferragu of New Street Research asked about Tesla’s plans to deploy robotaxis on June. He wonders if he can drive down to Texas in June to test it. Musk said sure, and at the time, Tesla would be using its own fleet for its initial autonomous ride-hailing program. Cars won’t be from individual owners.
Musk also predicts that Tesla owners will be able to add car their cars to the robotaxi fleet by next year.
Tesla is also working toward FSD Unsupervised which will allow people to check their emails, texts, etc., while the vehicle is in motion, but the company is very cautious. Tesla has seen that people are turning off FSD Unsupervised to check their texts.
17:30 CT – Adam Jonas of Morgan Stanley asked if Elon Musk still does not believe in Lidar. Elon Musk says he still does not. “Obviously, humans drive without shooting lasers out of their eyes,” Musk joked. He also explained that he is not anti-Lidar per se. He’s just anti-Lidar when it comes to autonomous cars.
17:25 CT – As for FSD in China, Musk noted that training videos in China cannot be exported out. Tesla figuring out how to train FSD Unsupervised in China. One of the challenges is bus lanes, which are very complex in China.
“Hopefully, we can have Unsupervised FSD in other countries next year,” Musk said.
17:18 CT – Analyst questions start with Bernstein. He asks Elon Musk about what he is doing to push Tesla’s management team to accelerate the company’s programs. Musk noted that Tesla is working on perfecting real-world AI. “I spend a lot of time with the Tesla AI team and the Tesla Optimus team,” he said.
Musk noted that there are many challenges with Optimus and vehicle autonomy, but the pieces are there. He predicts Europe will be a challenge for FSD Unsupervised. FSD Unsupervised is expected to be presented to the EU in the Netherlands in May, with a release probably next year.
17:15 CT – A question about HW3 vehicles was asked. Tesla noted that the company is not giving up on HW3. Tesla is still working on HW3 but updates will trail HW4 releases.
“We are going to have to upgrade Hardware 3 for people who bought FSD. That’s the honest answer. It’s going to be painful and difficult but that’s what we’re going to have to do,” Musk admitted.
Another question was asked if Tesla has given up on Solar Roof. Tesla noted that it has not. Musk noted that Tesla has found growth by distributing Solar Roof to the roofing industry.
17:14 CT – Another question is asked, this time about the Tesla Semi and how it will affect revenue and scale. Tesla noted that preparations for production are ongoing, and that production is expected to start late this year from Reno. He also thinks the Semi will be incredibly valuable with FSD Unsupervised.
Musk noted that the United States actually has a shortage of truck drivers. And truck drivers are human, so they get tired. “I have a lot of respect for truck drivers, because it’s a tough job,” Musk said.
He noted that more people are leaving trucking than those entering it. With this in mind, autonomy is extremely important. “It’s a several billion-a-year opportunity,” Musk said. That said, the CEO also noted that “all of this is gonna pale in comparison to Optimus.”
17:10 CT – Musk reiterated that Optimus will be used at Tesla factories first, doing tedious tasks that no one wants to do.
Optimus production Version 2–maybe starting mid-next year–will be designed for 10,000 units a month vs 1,000 units a month. Version 3 is for 100,000 units per month, and with Version 2, Optimus robots may be delivered to other companies.
“Demand will not be a problem, even at a high price,” Musk said. He also noted that at one million units per year, Optimus’ production costs will be around or less than $20,000.
17:04 CT – Another investor question asked if Optimus is designed locked. Musk noted that Optimus is not design-locked at all. However, the CEO noted that “it is rapidly evolving in a good direction.” Musk also noted that other companies are missing real-world AI and manufacturing capabilities.
17:03 CT – The next investor question asked if other carmakers are interested in licensing FSD. Elon Musk confirmed that yes, they are. “What we’re seeing is at this point is significant interest in licensing FSD,” the CEO noted. But before FSD is licensed, Tesla has to reach unsupervised FSD first.
17:01 CT – Investor questions begin. The first is about unsupervised FSD’s release. Musk noted that he believes unsupervised FSD in California and Texas this year, with many more regions at the end of 2025.
“We’re looking for a safety level that is significantly safer than a human driver,” Musk said. “The only thing holding us back is an excess in caution,” Musk said.
17:00 CT – The CFO noted that Tesla’s growth came from Megapack and Powerwall. Both continue to be production-constrained, which will hopefully be relieved by China, whose Shanghai Megafactory is producing Megapacks. Tariffs, however, are very likely, Tesla’s CFO noted.
16:58 CT – Tesla’s CFO takes the stage. He credits the Tesla team for its performance in Q4. He also discussed some milestones, such as record deliveries in the Greater China market, which is extremely competitive.
Cost reduction continues as well, despite increased depreciation and other costs as the company prepared for the new Model Y. Overall cost per car now down below $35,000.
The new Model Y will be produced in all factories supporting the vehicle starting next month. This is unprecedented in Tesla history.
He notes that Tesla is also on track to release a more affordable model in the first half of 2025, and there will be more models from there.
16:54 CT – Elon Musk predicts increased demand in energy business. That said, he does admit that Tesla always has to allocate its battery supply. “2025 is really a pivotal year for Tesla. It might be viewed as the most important year in Tesla history,” Musk said.
16:50 CT – Elon, however, admitted that he’s making insane predictions. He cautions that his predictions aren’t necessarily precise. That said, the target is to make 10,000 Optimus robots this year. Elon is confident that Tesla can produce a few thousand this year, with a goal to ramp Optimus production every year.
Optimus’ capabilities are expected to be very impressive. Musk notes that Optimus would be able to play the piano or thread a needle. That’s how precise its hands would be. “Optimus will be able to play the piano and be able to thread a needle,” Musk said.
16:48 CT – Tesla expects to launch Unsupervised FSD as a service in Austin in June. Musk noted that Tesla’s unsupervised FSD system is already working very well in the company’s factories.
“The cars aren’t just driving to the same spot. The cars are programmed to a lane” or a destination parking spot for pick up from customers. Teslas will be in the wild–with no one in them–in Austin in June,” Musk said.
16:45 CT – Musk noted that Tesla’s current constraints are battery packs for now. “Things are going to ballistic next year…and ’27, and ’28,” he said.
Musk also stated that the training needs for the Optimus robot is 10x what’s needed for a car. A humanoid robot, however, probably has 1000 more uses than a car.
“We live at this unbelievable inflection point in history,” Musk said.
16:40 CT – “I know I’ve been called the boy who cried wolf. I’m telling you, there’s a damn wolf this time. It can drive you,” Musk joked, discussing FSD and his past failed predictions about when unsupervised FSD will be ready.
He also highlighted that while FSD behaved like a neophyte driver before, it won’t be like that forever.
“The only people who are skeptical are those who haven’t tried it (FSD),” he said. He also highlighted the potential of the Tesla Network. “It works fine in the US, and of course, it will work just well anywhere else. The reality of autonomy is upon us,” Musk added.
16:38 CT – Elon takes the stage. He states that Tesla ended the year with a run rate of 2 million cars per year. The Model Y was the world’s best-selling car again in 2024. He shares an optimistic outlook on Tesla’s autonomy program.
“Autonomy is 10X-ing,” Musk said, adding that he still sees a path toward Tesla becoming the world’s most valuable company by a mile. “There’s a path to that,” he said.
Musk noted that Tesla laid the groundwork for autonomous cars and robots in 2024, and these efforts will continue in 2025. “This will set up what I think will be an epic 2026 and a ridiculously good 2027 and 2028,” Musk said.
16:34 CT – Here we go! Tesla’s IR announces that Tesla CEO Elon Musk and a number of executives are present at the call.
16:30 CT – It’s time! It won’t be surprising if Tesla starts a bit late. That being said, there will probably be quite a number of interesting discussions in this call.
Just recently, Tesla posted the first video of its FSD Unsupervised system working in the Fremont Factory. That’s a very big deal.
16:25 CT – Hello, and happy earnings day to everyone! Tesla missed some of Wall Street’s expectations, but TSLA stock seems to be doing pretty well in today’s after-hours. It’s up about 2.3% as of writing.
As always, this might be a very interesting earnings call.
Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.
Tesla Full Self-Driving (Supervised) is currently listed as a Level 2 suite in terms of its passenger cars. As its Robotaxi platform continues to move quickly, it has been recognized as a Level 4 ride-sharing program by the State of Texas, as Tesla recently self-certified itself.
However, a Wall Street analyst is arguing that Tesla (NASDAQ: TSLA) has effectively achieved Level 4 autonomy in most conditions in all of its vehicles, drawing on personal experience and data released by the company.
Alex Potter of Piper Sandler said in a note to investors on Wednesday that “Tesla has solved the self-driving puzzle,” pointing to decisions to offer insurance discounts for FSD-enabled policies as a signal of confidence, which is backed up by stellar safety records compared to human driving.
Investing.com initially reported on Potter’s new note.
Additionally, Potter looks at the recent start of Cybercab production at Giga Texas as a potential indication that Tesla is ready to offer some level of unsupervised driving at least in the near future. The Cybercab has no steering wheel or pedals, completely eliminating the ability for human input.
He also sees Tesla’s allocation of “several hundred million USD (if not $1B+)” as confidence internally, seeing as it would be tough to set aside that amount of capital toward a project that the company does not see as relatively near-term.
Forward thinking, especially as Cybercab has no human controls, it would make sense that Tesla is at least close to self-driving. How close is another question.
Tesla has routinely teased that unsupervised FSD is close, but there are still a lot of things it feels as if the company has to roll out some more capability, including unsupervised parking features, known as “Banish,” better operation with regional self-driving performance, and other improvements.
That is not to say that Tesla FSD is super impressive already. It has already completed coast-to-coast drives across the United States and Canada, it routinely takes the stress out of driving for most people, and it has proven through Tesla Safety Reports that it is safer and involved in accidents less frequently than humans.
🚨 These are the first-ever FSD safety statistics out of the Netherlands, showing it was over 3.5x safer than human driving on Dutch roads.
The most recent numbers out of Tesla for North America show:
-Over 5.5 million miles between accidents for Teslas using FSD
-660k miles… https://t.co/XKlRzgSGEh pic.twitter.com/HX6kzh0ZKc— TESLARATI (@Teslarati) June 9, 2026
Even Potter believes it is capable, as he used it to go from Missoula, Montana, to Minneapolis, Minnesota, back in April.
“There’s no substitute for personal experience,” he wrote.
Investor's Corner
Tesla just did something in South Korea that no foreign carmaker has ever done
Tesla’s Model Y just became South Korea’s best-selling car, beating every domestic model in May.
Tesla did something last month that no foreign car has ever done in South Korea by outselling every vehicle in the country, domestic or imported, finishing the month with Model Y as the single best-selling car across the entire Korean market. According to data from the Korea Automobile Importers and Distributors Association released on June 4, the Model Y recorded 8,762 units sold in May, pushing the Kia Sorento into second place at 7,836 units and the Hyundai Grandeur into third at 5,183 units. It is the first time an imported vehicle has outsold every domestic model on a single-month basis.
Tesla imported 10,866 cars into South Korea in May, making it the top import brand for the fourth consecutive month. BMW followed at 6,555 units, less than two-thirds of Tesla’s total, while BYD registered just 1,032 units. The combined domestic sales of GM Korea, Renault Korea, and KG Mobility last month totaled just 7,019 units, meaning a single Tesla model outsold three Korean automakers combined.
Tesla FSD earns high praise in South Korea’s real-world autonomous driving test
South Korea has historically been one of the hardest markets for foreign automakers to crack. Hyundai and Kia together control close to 70% of the overall market and carry deep consumer loyalty built over decades. Tesla’s path into this market was an uphill battle due to high import duties, limited service infrastructure, and early skepticism about charging networks. In 2024, the Model Y was the best-selling imported car in South Korea with 18,717 units for the full year. By 2025, after the Juniper refresh, it cleared 50,000 units and took the top spot among all EVs.
Year to date, Tesla has a 250.8% increase in the country over the same period last year, and now holds a 30.8% share of the entire imported car segment for 2026. EVs as a category represented 48.6% of all imported passenger car registrations in May. As Teslarati has reported, the Juniper refresh brought meaningful improvements to range, interior quality, and ride refinement that addressed the most common criticisms of earlier Model Y versions. Those upgrades appear to be resonating in markets like South Korea where buyers compare Tesla directly against high end domestic competitors.
The Ontario Teachers’ Pension Plan (OTPP) stands to reap one of the most extraordinary returns in pension fund history thanks to a bold 2019 investment in SpaceX.
According to a recent report from The Globe and Mail, the Toronto-based fund invested roughly $300 million CAD (~$220 million USD at the time) in Elon Musk’s space company as its inaugural deal through the Teachers’ Innovation Platform.
At SpaceX’s anticipated $1.75 trillion IPO valuation, set for a mid-June debut on Nasdaq under ticker $SPCX, that stake could now be worth up to $11.6 billion USD. This would represent a roughly 50x return and easily become OTPP’s most successful single investment ever.
The fund manages $279 billion in assets for approximately 346,000 working and retired teachers in Ontario, potentially delivering an average boost of around $33,500 per member if fully realized.
SpaceX has filed its S-1 and plans to price shares at $135 each, aiming to raise a record $75 billion in what would be the largest IPO in history, surpassing Saudi Aramco. The company reported $18.67 billion in revenue for 2025, driven primarily by Starlink satellite internet growth and NASA contracts, though it continues to post significant losses tied to ambitious R&D in Starship and AI initiatives.
Important pieces moving forward include:
- Starlink Expansion: The satellite broadband service is scaling rapidly, targeting global connectivity, especially in underserved rural and remote areas. This segment offers massive recurring revenue potential as numbers climb.
- Starship and Reusability Leadership: SpaceX’s fully reusable Starship aims to slash launch costs dramatically, enabling frequent missions, Mars ambitions, and lucrative government/defense contracts. Success here could unlock exponential growth.
- AI and Diversification: Recent moves, including ties to xAI, position SpaceX in high-growth AI infrastructure, broadening beyond traditional aerospace.
- Validation Scrutiny: While the $1.75 trillion target excites investors, analysts like Morningstar value the company closer to $780 billion, citing high multiples (around 90x trailing revenue) and execution risks. A 180-day lockup period will prevent early investors like OTPP from selling immediately post-IPO.
The irony has not been lost on observers. Ontario’s government previously canceled a Starlink rural internet contract amid political tensions involving Musk, yet the pension fund’s savvy investment, made when SpaceX was valued around $33-36 billion, and Starlink was nascent, delivers outsized gains independent of politics.
For OTPP, this windfall strengthens its already solid 111 percent funding ratio and underscores the value of patient, innovation-focused capital allocation.
For SpaceX, the IPO marks a new chapter: greater transparency, access to public markets for talent retention and growth capital, and heightened pressure to deliver on its multi-planetary vision.
All eyes are fixed on whether SpaceX can justify its lofty valuation through sustained execution. For Ontario teachers, the returns are already stellar, but SpaceX, like other Musk companies in the past, has plenty of things to prove. Perhaps the most ideal person for the job is at the helm, hoping to bring the company to a massive valuation.
Tesla stuns with another FSD approval in Europe, its second in two days
SpaceX’s Elon Musk relieves worries about orbital data centers
